Behram Annual Report 202021

BEHRAM CHEMICALS PRIVATE LIMITED
[Corporate Identity Number (CIN): U24100MH1993PTC071480]
ANNUAL REPORT
For the Financial Year 2020-21

“GODREJ ONE”, 3RD FLOOR, PIROJSHANAGAR, EASTERN EXPRESS HIGHWAY, VIKHROLI (EAST),
MUMBAI- 400079, MAHARASHTRA, TEL NO: 022-25188010, EMAIL ID:
behram.chemicals@godrejastec.com
CIN: U24100MH1993PTC071480
NOTICE OF 28TH (TWENTY-EIGHTH) ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN THAT THE 28TH (TWENTY-EIGHTH) ANNUAL GENERAL MEETING (28TH AGM) OF
BEHRAM CHEMICALS PRIVATE LIMITED WILL BE HELD ON TUESDAY, 27TH JULY, 2021 AT 11.00 A.M. (IST)
AT THE REGISTERED OFFICE OF THE COMPANY AT CONFERENCE ROOM, 3RD FLOOR, “GODREJ ONE”,
PIROJSHANAGAR, EASTERN EXPRESS HIGHWAY, VIKHROLI (EAST), MUMBAI – 400 079 (MAHARASHTRA)
[MEETING SERIAL NO.: GM/1/2021-22]
ORDINARY BUSINESS:
1. Adoption of Financial Statements for the Financial Year ended 31st March, 2021:-
To receive, consider and adopt the Audited Statement of Profit & Loss, Cash Flow Statement for the
Financial Year ended 31st March, 2021; Balance Sheet as at that date; the Auditors' Report and the
Directors' Report thereon, including Annexures thereto.
2. Appointment of Mr. Arijit Mukherjee, as a Director, liable to retire by rotation, who has offered
himself for re-appointment:-
To appoint a Director in place of Mr. Arijit Mukherjee, Director [having Director Identification Number
(DIN): 07334111)], who retires by rotation and being eligible offers himself for re-appointment as a
“Director”.
To consider, and if thought fit, to pass, the following resolution as an ORDINARY RESOLUTION:
“RESOLVED THAT pursuant to the provisions of Section 152 and other applicable provisions of the
Companies Act, 2013, of Mr. Arijit Mukherjee, Non-Executive Director (DIN: 07334111), who retires
by rotation and being eligible, offers himself for re-appointment, be and is hereby re-appointed as a
“Non-Executive Director” of the Company.”
By Order of the Board of Directors

For Behram Chemicals Private Limited
Sd/-
Ashok V. Hiremath
Director
(DIN: 00349345)
Mumbai, 29th April, 2021
Registered Office:
“Godrej One”, 3rd Floor, Pirojshanagar,
Eastern Express Highway, Vikhroli (East),
Mumbai – 400 079, Maharashtra, India
NOTES:
1. A SHAREHOLDER ENTITLED TO ATTEND AND VOTE AT THE ANNUAL GENERAL

MEETING (“AGM”) IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE AT THE
MEETING INSTEAD OF HIMSELF / HERSELF, AND THE PROXY NEED NOT BE A
SHAREHOLDER OF THE COMPANY.
Pursuant to Section 105 of the Companies Act, 2013 (“the Act”), a person can act as a
Proxy on behalf of not more than 50 (Fifty) Shareholders and holding in aggregate, not
more than 10% (Ten per cent) of the total share capital of the Company. Shareholders
holding more than 10% (Ten per cent) of the total share capital of the Company may
appoint a single person as Proxy, who shall not act as a Proxy for any other Shareholder.
A proxy so appointed shall not have any right to speak at the Meeting. The instrument of
Proxy, in order to be effective, should be deposited at the Registered Office of the
Company, duly completed and signed, not later than 48 (Forty-eight) hours before the
commencement of the AGM. Proxy Form is annexed to this Report. Proxies submitted on
behalf of limited companies, societies, etc., must be supported by an appropriate
resolution / authority, as applicable. Corporate Shareholders intending to send their
Authorized Representative(s) to attend the AGM, pursuant to Section 113 of the Act, are
requested to send to the Company, a certified true copy of the Board Resolution together
with the respective specimen signatures of those representative(s) authorized under the
said resolution to attend and vote on their behalf at the Meeting.
In case of joint holders attending the Meeting, only such joint holder who is higher in the
order of names will be entitled to vote.
2. During the period beginning 24 (Twenty-four) hours before the time fixed for the
commencement of the AGM and ending with the conclusion of the AGM, a Shareholder
would be entitled to inspect the proxies lodged at any time during the business hours of
the Company between 10.00 a.m. (IST) to 4.00 p.m. (IST).
3. Shareholder(s) / Proxy(ies) / Authorised Representative(s) should bring the duly filled

Attendance Slip enclosed herewith to the AGM.
4. The Register of Directors and Key Managerial Personnel and their Shareholding,
maintained under Section 170 of the Act, will be available for inspection by the
Shareholders at the AGM.
5. The Register of Contracts and Arrangements, in which the Directors are interested,
maintained under Section 189 of the Act, will be available for inspection by the
Shareholders at the AGM.
6. Route Map showing directions to reach to the venue of the 28th (Twenty Eighth) AGM
is given at the end of this Notice as per the requirement of the Secretarial Standards -2
on “General Meetings.”
ATTENDANCE SLIP
28TH (TWENTY EIGHTH) ANNUAL GENERAL MEETING
Registered Folio No./

DP ID and Client ID
Name and Address of

the Member(s)
I / We, hereby record my / our presence at the 28th (Twenty Eighth) Annual General
Meeting of the Company at the Registered Office of the Company at Conference Room,
3rd Floor, “Godrej One”, Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai
– 400 079, Maharashtra on Tuesday, 27th July, 2021 at 11.00 A.M. (IST)
…………………………………………… …………………………………………… ……………………………………

Member’s Folio / Member’s / Proxy’s Member’s / Proxy’s
DP ID- Client ID Name in BLOCK Letters Signature
Notes:
1. Please fill up the details of the Folio / DP ID- Client ID and Name and sign this
Attendance Slip and hand it over at the Attendance Verification Counter at the
ENTRANCE OF THE MEETING HALL.
2. Members are requested to bring this slip along with them as duplicate slips will not
be issued at the venue of the Meeting.
Form No. MGT-11
PROXY FORM
[Pursuant to Section 105(6) of the Companies Act, 2013 and
Rule 19(3) of the Companies (Management and Administration) Rules, 2014]
Name of the
Member(s)
Registered Address
Email Id
Folio No/ DP ID - Client

ID
I / We being the Member(s) of Behram Chemicals Private Limited holding ____________

Equity Shares of the Company, hereby appoint:
1. Address: _________________________________
Name:___________________________
E-mail ID: _______________________________ Signature: _____________________ or failing him/her;
2.
Address: _________________________________
Name:___________________________
E-mail ID: _______________________________ Signature: _____________________ or failing him/her;
3.
Address: _________________________________
Name:___________________________
E-mail ID: _______________________________ Signature: _____________________
as my / our proxy and to attend and vote (on a poll) for me / us on my / our behalf at the
28th (Twenty Eighth) Annual General Meeting of the Company scheduled to be held
Tuesday, 27th July, 2021 At 11.00 A.M. (IST) at the Registered Office of the Company at
Conference Room No.24, “Godrej One”, 3rd Floor, Pirojshanagar, Eastern Express
Highway, Vikhroli (East), Mumbai – 400 079, Maharashtra and at any adjournment(s)
thereof in respect of such resolutions as are indicated below:
Resolution
Resolutions
No.
Ordinary Business
Adoption of Financial Statements for the Financial Year ended 31st
1
March, 2021
Appointment of Mr. Arijit Mukherjee as a Director, liable to retire by
2
rotation, who has offered himself for re-appointment.
Signed this_____________ day of __________ 2021

Affix Revenue
Stamp of Rupee
1 Only
Signature of Shareholder:____________________
Signature of Proxy Holder(s): _____________________
Notes:
1. This form of proxy in order to be effective should be duly completed and deposited
at the Registered Office of the Company, not less than 48 (Forty Eight) hours before the
commencement of the Annual General Meeting.
2. A Member entitled to attend and vote at the Meeting is entitled to appoint a proxy to
attend and vote on a poll instead of himself / herself and proxy need not be a Member.
A person can act as a Proxy on behalf of not more than 50 (Fifty) Members and holding
in aggregate, not more than 10% (Ten percent) of the total share capital of the Company.
Members holding more than 10% (Ten percent) of the total share capital of the Company
may appoint a single person as Proxy, who shall not act as a Proxy for any other person /
Member. Proxies submitted on behalf of limited companies, societies, etc., must be
supported by an appropriate resolution / authority, as applicable. A proxy so appointed
shall not have any right to speak at the Meeting.
3. For the Resolutions, please refer to the Notice of the 28th (Twenty Eighth) Annual
General Meeting.
BRIEF RESUME OF DIRECTOR(S) APPOINTMENT / RE-APPOINTMENT AT THE
28th ANNUAL GENERAL MEETING OF THE COMPANY
Name of the Director Mr. Arijit Mukherjee

Director Identification Number (DIN) 07334111
Date of Birth 28/01/1970
Age (in Years) 51
Nationality Indian
Date of Appointment (DD/MM/YYYY) 11/11/2016

Qualification Post Graduate Diploma in Agriculture, B.Sc.
(Agriculture)
Nature of expertise in specific functional areas -Defining product strategy through core positioning
and strategic partnership
-Developing Sales and Customer / Channel
Management strategies
-Leading a cross functional team to achieve
revenue and P&L target
Number of Board Meetings attended during the 4 (Four) out of 4 (Four)
Financial Year 2020-2021
No. of shares held by the Director 1 Share jointly held with Astec LifeSciences Limited
Directorships held in other Companies Whole Time Director of Astec LifeSciences Limited
Chairmanships and Memberships of Committees None
in other companies
Relationships between directors inter-se None

Terms and conditions of appointment / re- No remuneration payable
appointment along with details of remuneration
sought to be paid and remuneration last drawn by
such person.
ROAD MAP FOR AGM VENUE
JVL R
JVL R
THANE
VIKHROLI (EAST)
LB S ROAD
EASTERN EXPRESS HIGHWAY

Vikhroli Vikhroli
Kai
Railway Flyover
las
Station
hC
om
Godrej
ple
Memorial
Hospital
xR
Udayachal
High School
oad
enter through here

Gate no. 8
R-CITY MALL Parallel road gate 4

Valet parking
Shreyas GODREJONE
Cinema
L B S R OA
L IN K R
OA D
Ghatko
pa
Bus Dep r
D
ot
SION
Ghatkopar
Railway
Station
“GODREJ ONE”, 3RD FLOOR, PIROJSHANAGAR, EASTERN EXPRESS HIGHWAY, VIKHROLI (EAST),
MUMBAI- 400079, MAHARASHTRA, TEL NO: 022-25188010, EMAIL ID: behram.chemicals@godrejastec.com
CIN: U24100MH1993PTC071480
DIRECTORS' REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2021
To,
The Members,
Behram Chemicals Private Limited
Your Directors have pleasure in presenting the 28th (Twenty Eighth) Annual Report together with the
Audited Financial Statements for the Financial Year ended 31st March, 2021.
FINANCIAL HIGHLIGHTS:
Your Company’s financial performance during the Financial Year 2020-21 as compared to that of the
previous Financial Year 2019-20 is summarized below:-
(in Rupees)
Particulars 2020-21 2019-20
Revenue from Operations - -
Other Income 10,80,000 10,80,000
Profit/(Loss) Before Interest and Depreciation 9,79,316 9,31,816
Less: Depreciation 87,988 87,988
Less: Interest - -
Profit/(Loss) Before Tax 8,91,328 8,43,828
Less: Provision for Income Tax (Incl. Deferred Tax) 2,31,745 2,19,395
Net Profit/(Loss) After Tax 6,59,584 6,24,433
Add: Profit/(Loss) for prior years 39,92,238 33,67,805
Profit Available for Appropriation
Appropriations
Transfer to General Reserve - -
Proposed Dividend (Incl. Dividend Tax) - -
Profit/(Loss) carried to Balance Sheet 46,51,822 39,92,238
The Company has earned Other Income to the extent of Rs. 10,80,000/-. The Company has posted Net Profit
after Tax to the tune of Rs. 6,59,584/- (as compared to Profit of Rs.6,24,433/- in preceding Financial Year)
after deducting depreciation of Rs. 87,988/- in the Financial Year 2020-21 as compared to depreciation of Rs.
87,988/- in the Financial Year 2019-20.
REVIEW OF OPERATIONS / STATE OF AFFAIRS:
Your Company’s objects are to engage itself in the manufacturing of Agro Chemicals.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR 2020-21 TO WHICH
THE FINANCIAL STATEMENTS RELATE AND DATE OF REPORT (I.E., FROM 1ST APRIL, 2021 UPTO 29TH
APRIL, 2021), IF ANY:
There are no material changes and commitments affecting the financial position of the Company which
have occurred between the end of the Financial Year 2020-21 to which the Financial Statement relates
and the date of the Report (i.e., from 1st April, 2020 upto 29th April, 2021).
DIVIDEND:
In order to conserve the financials resources as no major business activity was carried, no dividend has
been recommended by the Board of Directors for the Financial Year 2020-21.
TRANSFER TO RESERVE:
Your Directors do not propose to transfer any amount to general reserve.
SHARE CAPITAL:
The Company’s Equity Share Capital position as on 31st March, 2021 is as follows:-
Authorized Share Capital Issued, Subscribed & Paid-up

Share Capital
No. of Face Amount (Rs.) No. of Face Amount (Rs.)
Shares Value Shares Value
(Rs.) (Rs.)
Equity 60,000 100 60,00,000 60,000 100 60,00,000
Total 60,00,000 Total 60,00,000
During the Financial Year under review, there has been no change in the Authorised and Paid-up Equity
Share Capital.
DEPOSITS:
The Company has not accepted any deposits covered under Chapter V of the Companies Act, 2013, i.e.
within the meaning of Section 2(31) of the Companies Act, 2013 read with Rule 2(1)(c) of the Companies
(Acceptance of Deposits) Rules, 2014 and as such there are no such overdue deposits outstanding as on
31st March, 2021.
HOLDING COMPANY:
Astec LifeSciences Limited (Holding Company) is, inter alia, engaged in the business of manufacturing of
Agrochemicals. The shareholding of Astec LifeSciences Limited in your Company as on 31st March, 2021
was 65.63% [i.e., 39,380 (Thirty Nine Thousand Three Hundred Eighty) Equity Shares of Face Value of
Rs.100/- (Rupees One Hundred Only) each] of the Paid-up Equity Share Capital of the Company and there
was no change in this position during the Financial Year 2020-21.
SUBSIDIARY COMPANY:
Your Company does not have any Subsidiary Company and there was no change in this position during
the Financial Year 2020-2021.
ASSOCIATE COMPANY:
Your Company does not have any Associate Company and there was no change in this position during the
Financial Year 2020-2021.
DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMPs):
The Board of Directors of the Company comprised of the following Directors as on 31st March, 2021:
Sr. Name of the Director Director Designation

No. Identification
Number (DIN)
1. Mr. Ashok V. Hiremath 00349345 Non-Executive Director
2. Mr. Arijit Mukherjee 07334111 Non-Executive Director
3. Mr. Rakesh Dogra 07334098 Non-Executive Director
4. Mr. Balram S. Yadav 00294803 Non-Executive Director
In accordance with the provisions of Section 152(6) of the Companies Act, 2013 and the Company’s
Articles of Association, Mr. Arijit Mukherjee, Director of the Company is liable to retire by rotation at the
forthcoming 28th (Twenty Eighth) Annual General Meeting (AGM), and being eligible, offers himself for re-
appointment.
Appropriate resolution for re-appointment of Mr. Arijit Mukherjee is being moved at the ensuing 28th
(Twenty Eighth) AGM, which the Board of Directors recommends for your approval.
During the Financial Year under review, there was no appointment of any Key Managerial Personnel as
per the provisions of Section 203 read with Companies (Appointment & Remuneration of Managerial
Personnel) Rules, 2014 of the Companies Act, 2013.
MEETINGS OF THE BOARD OF DIRECTORS:
The Meetings of the Board of Directors are pre-scheduled and intimated to all the Directors in advance to
order to facilitate them to plan their schedule.
There were 4 (Four) Meetings of the Board of Directors held during the Financial Year 2020-21 [i.e., on 5th
May, 2020, 21st July, 2020, 28th October, 2020 and 25th January, 2021] in compliance with the
requirements of the Companies Act, 2013 & SS -1 (Secretarial Standards on Board Meetings) issued by
The Institute of Company Secretaries of India (ICSI).
The names of Members of the Board of Directors and their attendance at the Board Meetings are as under:
Sr. Name of the Directors Number of Board Meetings attended during the
No. Financial Year ended 31st March, 2021
1. Mr. Ashok V. Hiremath 3 out of 4
2. Mr. Arijit Mukherjee 4 out of 4
3. Mr. Rakesh Dogra 4 out of 4
4. Mr. Balram S. Yadav 3 out of 4
DECLARATION OF INDEPENDENCE BY INDEPENDENT DIRECTORS:
The provisions of Section 149 of the Companies Act, 2013 with respect to appointment of Independent
Directors are not applicable to your Company. Therefore, the requirement of obtaining the declaration
confirmation from the Independent Directors is not applicable to the Company.
STATEMENT ON OPINION OF BOARD OF DIRECTORS WITH REGARD TO INTEGRITY, EXPERTISE AND

EXPERIENCE OF INDEPENDENT DIRECTORS APPOINTED DURING THE FINANCIAL YEAR 2020-21:
The provisions of Section 149 of the Companies Act, 2013 with respect to appointment of Independent
Directors are not applicable to your Company. Therefore, the disclosure requirement of opinion of the
Board of Directors with regard to integrity, expertise and experience of Independent Directors, is not
applicable to the Company.
VIGIL MECHANISM:
The provisions of Section 177(9) of the Companies Act, 2013 with respect to establishment of Vigil
Mechanism is not applicable to the Company.
PREVENTION OF SEXUAL HARASSMENT:
The Company is not in contravention of any of the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.
MAINTENANCE OF COST RECORDS:
During the period under review, Section 148(1) of the Companies Act, 2013 and the Companies (Cost
Records and Audit) Rules, 2014 are not applicable to the Company. Hence, the Company has not
maintained any cost records and not appointed any Cost Auditor.
CORPORATE SOCIAL RESPONSIBILITY:
The provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social
Responsibility) Rules, 2014 are not applicable to the Company.
EXTRACT OF ANNUAL RETURN:
The Extract of Annual Return as provided under sub-section (3) of Section 92 of the Companies Act, 2013
and the Companies (Management and Administration) Rules, 2014, is given in Form MGT-9 and is annexed
herewith as ‘Annexure A’, which forms a part of this Directors’ Report.
DIRECTORS’ RESPONSIBILITY STATEMENT:
Pursuant to Section 134 of the Companies Act, 2013 (“the Act”), your Directors, to the best of their
knowledge and ability, confirm as under:
a) that in the preparation of the Annual Accounts for the Financial Year ended 31st March, 2021, the
applicable Accounting Standards have been followed along with proper explanation relating to
material departures, if any;
b) that such accounting policies have been selected and applied consistently, and such judgments
and estimates have been made that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the Company as at 31st March, 2021 and the profit of the Company for
the Financial Year ended as at that date;
c) that proper and sufficient care has been taken for the maintenance of adequate accounting
records in accordance with the provisions of this Act for safeguarding the assets of the Company,
for preventing and detecting fraud and other irregularities;
d) that the Annual Accounts for the Financial Year ended 31st March, 2021 have been prepared on a
going concern basis;
e) that proper Internal Financial Controls were in place and that the Financial Controls were
adequate and were operating effectively;
f) that proper systems are in place to ensure compliance of all laws applicable to the Company and
that such systems are adequate and operating effectively.
EXPLANATION(S) / COMMENT(S) TO QUALIFICATIONS, RESERVATIONS, ADVERSE REMARKS &

DISCLAIMERS MADE BY THE STATUTORY AUDITORS:
There are no adverse remarks or qualifications, reservations or disclaimers made by Statutory Auditors in
their Report for the Financial Year 2020-21 and therefore, no explanations are required to be given by the
Board of Directors.
FRAUD REPORTING:
During the Financial Year under review, the Statutory Auditors have not reported any incident of fraud to
the Board of Directors of the Company, pursuant to the provisions of Section 143(12) of the Companies
Act, 2013.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES

ACT, 2013:
The particulars of loans, guarantees or investments made during the Financial Year ended 31st March,
2021, if any, have been disclosed in the notes attached to and forming part of the Financial Statements of
the Company prepared for the Financial Year 2020-21, as per the provisions of Section 186 and Section
134(3)(g) of the Companies Act, 2013.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SUB-

SECTION (1) OF SECTION 188 OF THE COMPANIES ACT, 2013:
All Related Party Transactions which were entered into by your Company during the Financial Year 2020-
21 were on an arm’s length basis and in the ordinary course of business. There were no materially
significant Related Party Transactions entered into by the Company with Promoters, Directors or Key
Managerial Personnel which may have a potential conflict with the interest of the Company.
Your Company does not have contracts or arrangements with its Related Parties under Section 188(1) of
the Companies Act, 2013, which are not on arm’s length basis. Hence the details of such contracts or
arrangements with its Related Parties are not required to be disclosed in Form AOC-2 as prescribed under
the Companies Act, 2013 and the Rules framed thereunder. Attention of the Shareholders is also drawn
to the disclosure of transactions with Related Parties as set out in Note No. 19 of the Financial Statements.
None of the Directors have any pecuniary relationship or transactions vis-à-vis the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND

OUTGO:
The disclosures pursuant to Section 134(3)(m) of the Companies Act, 2013 and Rule 8 of the Companies
(Accounts) Rules, 2014 pertaining to Conservation of Energy, Technology Absorption and Foreign
Exchange Earnings and Outgo are not applicable to your Company.
RISK MANAGEMENT:
Risk Management is the process of identification, assessment and prioritization of risks followed by
coordinated efforts to minimize, monitor and mitigate / control the probability and/or impact of
unfortunate events or to maximize the realization of opportunities.
The Company has laid down a comprehensive risk assessment and minimization procedure which is
reviewed by the Board from time to time. These procedures are reviewed to ensure that executive
management controls risk through means of a properly defined framework.
The Board judges the fair and reasonable extent of risks that your Company is willing to take and its
decisions shall be based on this reasonable judgment.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
No significant material orders were passed by the Regulators / Courts which would impact the going
concern status of the Company and its future operations during the Financial Year 2020-21.
INTERNAL FINANCIAL CONTROLS:
The Company has in place adequate internal financial controls with reference to Financial Statements, in
the opinion of the Board of Directors.
Also, the Company has a proper system of internal controls to ensure that all assets are safeguarded and
protected against loss from unauthorized use or disposition and that transactions are authorized,
recorded and reported correctly.
During the period under review, such controls were tested and no reportable material weakness in the
design or operation was observed.
STATUTORY AUDITORS:
M/s. Shah & Kathariya, Chartered Accountants were appointed as the Statutory Auditors of the Company
by the Shareholders at the 24th (Twenty Fourth) Annual General Meeting held on 29th September, 2017
for a term of 5 (Five) consecutive years.
Pursuant to the Companies Amendment Act, 2017 read with the Companies (Audit and Auditors) 2nd
Amendment Rules, 2018 and Notification S.O. 1833(E) dated May 7, 2018, the ratification of appointment
of Statutory Auditors at each Annual General Meeting of the Company is not required. Accordingly,
ratification of appointment of the Statutory Auditors are not proposed at the ensuing 28th Annual General
Meeting of the Company.
PARTICULARS OF EMPLOYEES:
There were no employees on the rolls of the Company during the Financial Year 2020-21, accordingly,
there is no disclosure required under Section 197(12) of the Act read with Rule 5, sub-rule (2) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 during the Financial
Year ended 31st March, 2021.
SECRETARIAL STANDARDS:
Your Company is in compliance with the Secretarial Standards on Meetings of the Board of Directors (SS1)
and Secretarial Standards on General Meetings (SS-2) issued by the Institute of Company Secretaries of
India (“ICSI”) as may be amended from time to time.
DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 DURING THE YEAR ALONG WITH THEIR STATUS AS AT THE END OF THE
FINANCIAL YEAR:
During the Financial Year 2020-21, there was no application made and proceeding initiated / pending
under the Insolvency and Bankruptcy Code, 2016, by any Financial and/or Operational Creditors against
your Company.
As on the date of this Report, there is no application or proceeding pending against your Company under
the Insolvency and Bankruptcy Code, 2016.
DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME
SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS THEREOF:
During the Financial Year 2020-21, the Company has not made any settlement with its bankers from which
it has accepted any term loan.
OTHER DISCLOSURE AS PER THE COMPANIES (ACCOUNTS) RULES, 2014 RULE 8(5):
1 Change in nature of business, if any None

2 Details of directors/KMP who were None
appointed or have resigned during the
year
3 Names of companies which have Not Applicable
become ceased to be its subsidiaries,
joint ventures or associate companies
during the year
4 Details of Deposits, covered under (i) Accepted during the year: Nil
Chapter V of Companies Act, 2013 (ii) Remained unpaid or unclaimed during the year: Nil
(iii) Whether there has been any default in repayment of
deposits or payment of interest thereon during the year
and if so, number of such cases and total amount
involved:
a. At the beginning of the year : Nil
b. Maximum during the year : Nil
c. At the end of the year : Nil
(iv)Details of Deposits which are not in compliance with
the requirements of Chapter V of the Act : None
5 Details of significant and material No significant and material orders have been passed by
orders passed by the regulators or the regulators or courts or tribunals which impact the
courts or tribunals impacting the going concern status and Company’s operations in
going concern status and company’s future.
operations in future
APPRECIATION:
Your Directors express their appreciation to the Government agencies and stakeholders for their
continued support.
Sd/- Sd/-
Ashok V. Hiremath Arijit Mukherjee
(Director) (Director)
DIN: 00349345 DIN: 07334111
Place: Mumbai
Date: 29th April, 2021
ANNEXURE A TO BOARD’S REPORT
FORM NO. MGT – 9
EXTRACT OF ANNUAL RETURN
For the Financial Year ended 31st March, 2021
[Pursuant to Section 92(3) of the Companies Act, 2013 and
Rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS

i) Corporate Identity Number (CIN):- U24100MH1993PTC071480
ii) Registration Date:- 6th April, 1993
iii) Name of the Company:- Behram Chemicals Private Limited
iv) Category/Sub-Category of the Company:- Company having Share Capital
v) Address of the Registered Office and Contact Details:- “Godrej One”, 3rd Floor, Pirojshanagar,
Eastern Express Highway, Vikhroli (East),
Mumbai - 400 079, Maharashtra
Tel No.: 022-61205600; Fax No.: 022-22618289
Email: behram.chemicals@godrejastec.com
vi) Whether listed company (Yes / No):- No
vii) Name, Address and Contact details of Registrar and NSDL Database Management Limited
Transfer Agent, if any:-
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the Company are stated as under:-
Sl. Name and Description of NIC Code of the % to Total Turnover of the
No. Main Products / Services Product / Service Company
1 Agro Chemicals – Fungicides and 20211 0%
Herbicides
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Sl. Name and Address of the CIN/GLN Holding/Subsidiary/Associate % of shares Applicable
No. Company held* Section
1 Astec LifeSciences Limited L99999MH1994PLC076236 Holding Company 65.63% Section
Registered Office: 2(46)
Godrej One, 3rd Floor,
Pirojshanagar, Eastern
Express Highway, Vikhroli
(East), Mumbai- 400 079
Maharashtra, India
2 Godrej Agrovet Limited L15410MH1991PLC135359 Holding Company Nil Section

Registered Office: (Holding Company of the (No direct 2(46)
Godrej One, 3rd Floor, Company’s Holding Company) Share-
Pirojshanagar, Eastern holding)
Express Highway, Vikhroli
(East), Mumbai- 400 079
Maharashtra, India
3 Godrej Industries Limited L24241MH1988PLC097781 Holding Company Nil Section

Registered Office: (Holding Company of the (No direct 2(46)
Godrej One, Pirojshanagar, Holding Company’s Holding Share-
Eastern Express Highway, Company) holding)
Vikhroli (East),
Mumbai – 400 079,
Maharashtra, India
* Percentage of Shareholding is as on 31st March, 2021

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
i) Category-wise Shareholding
Category of No. of Shares held at the No. of Shares held at the end of %
Shareholders beginning of the year the year Change
During
the
year
Demat Physical Total %of Demat Physical Total % of
total total
Shares shares
A. Promoters
(1) Indian
a) Individual/HUF
b) Central Govt 0 0 0 0 0 0 0 0 Nil
c) State Govt (s) 0 0 0 0 0 0 0 0 Nil
d) Bodies Corporate 0 39,380 39,380 65.633 0 39,380 39,380 65.633 Nil
e) Banks / FI 0 0 0 0 0 0 0 0 Nil
f) Any Other: 0 0 0 0 0 0 0 0 Nil
Directors Relatives
Sub-total (A) (1): 0 39,380 39,380 65.633 0 39,380 39,380 65.633 Nil
(2) Foreign
a) NRIs – Individuals 0 0 0 0 0 0 0 0 Nil
b) Other – Individuals 0 0 0 0 0 0 0 0 Nil
c) Bodies Corporate 0 0 0 0 0 0 0 0 Nil
d) Banks / FI 0 0 0 0 0 0 0 0 Nil
e) Any Other…. 0 0 0 0 0 0 0 0 Nil
Sub-total (A) (2): 0 0 0 0 0 0 0 0 Nil
Total shareholding 0 39,380 39,380 65.633 0 39,380 39,380 65.633 Nil
of Promoter (A) =
(A)(1)+(A)(2)
B. Public Shareholding
(1) Institutions
a) Mutual Funds/UTI 0 0 0 0 0 0 0 0 Nil
b) Banks/FI 0 0 0 0 0 0 0 0 Nil
c) Central Government 0 0 0 0 0 0 0 0 Nil
d)State Government 0 0 0 0 0 0 0 0 Nil
e) Venture Capital Fund(s) 0 0 0 0 0 0 0 0 Nil
f) Insurance Companies 0 0 0 0 0 0 0 0 Nil
g) FIIs 0 0 0 0 0 0 0 0 Nil
h) Foreign Venture Capital 0 0 0 0 0 0 0 0 Nil
Funds
i) Others (specify) 0 0 0 0 0 0 0 0 Nil
Sub-total (B)(1) 0 0 0 0 0 0 0 0 Nil
(2) Non-Institutions
a) Bodies Corporate
(i) Indian 0 0 0 0 0 0 0 0 Nil
(ii) Overseas 0 20,000 20,000 33.333 0 20,000 20,000 33.333 Nil
b) Individuals
(i) Individual Shareholders
holding nominal share 0 620 620 1.033 0 620 620 1.033 Nil
capital upto Rs.1 lakh
(ii) Individual Shareholders 0 0 0 0 0 0 00 0 Nil
holding nominal share
capital in excess of
Rs.1lakh
c) Others (Specify) 0 0 0 0 0 0 0 0 0
Trust
Clearing Member
Non Resident Indian (NRI)
Sub-total (B)(2) 0 20,620 20,620 34.367 0 20,620 20,620 34.367 0
Total Public 0 20,620 20,620 34.367 0 20,620 20,620 34.367 0

Shareholding(B)=(B)(1)+
(B)(2)
C. Shares held by 0 0 0 0 0 0 0 0 Nil
Custodian for GDRs &
ADRs
Grand Total (A+B+C) 0 60,000 60,000 100.00 0 60,000 60,000 100.00 Nil
ii) Shareholding of Promoters

Sr. Name of Shareholding at the beginning Shareholding at the end of the %
No. Shareholders of the year Year Change
No. of % of % of Shares No. of % of total % of Shares During
Shares total pledged/ Shares shares of pledged/ the year
shares encumbered the encumbered
of the of total Company of total shares
Compa shares
ny
1 Astec 39,376 65.627 0 39,376 65.627 0 Nil
LifeSciences
Limited
2 Astec 1 0.002 0 1 0.002 0 Nil
LifeSciences
Limited jointly
with Mr.
Ashok V.
Hiremath
3 Astec 1 0.002 0 1 0.002 0 Nil
LifeSciences
Limited jointly
with Mr.
Rakesh Dogra
4 Astec 1 0.002 0 1 0.002 0 Nil
LifeSciences
Limited jointly
with Mr. Arijit
Mukherjee
5 Astec 1 0.002 0 1 0.002 0 Nil
LifeSciences
Limited jointly
with Mr. S.
Varadaraj
(iii) Change in Promoters’ Shareholding ( please specify, if there is no change)
Sr. Shareholding at the beginning Cumulative Shareholding

No. of the year during the year
No. of Shares % of total No. of Shares % of total
shares of the shares of
Company the
Company
At the beginning of the year as on 1st 39,380 65.633% 39,380 65.633%
April, 2020
Date wise Increase / Decrease in
Promoters Shareholding during the
year specifying the reasons for
increase / decrease (e.g. allotment No change during the year
/ transfer / bonus/ sweat equity
etc):
At the end of the year as on 31st 39,380 65.633% 39,380 65.633%
March, 2021
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs)
1. M. C. Chemicals
For each of Top 10 Shareholders Shareholding at the Cumulative Shareholding

beginning of the Year during the Year
No. of shares % of total No. of shares % of total
Company the
Company
At the beginning of the year 20,000 33.333 - -
Date wise Increase / Decrease in Shareholding - - - -
during the year specifying the reasons for increase
/ decrease (e.g. allotment / transfer / bonus / sweat
equity, etc.,)
At the End of the Year (or on the date of separation, - - 20,000 33.333
if separated during the year)
2. Rajashree Deshpande
Company the
Company
At the beginning of the year 400 0.667 - -
equity, etc.,)
At the End of the Year (or on the date of separation, - - 400 0.667
3. Kamala Sippy
Company the
Company
equity, etc.,)
4. Surendra Verma
Company the
Company
equity, etc.,)
5. J. J. Mistry
Company the
Company
equity, etc.,)
6. Villo Mistry
Company the
Company
equity, etc.,)
(v) Shareholding of Directors and Key Managerial Personnel
1) Mr. Ashok V. Hiremath (Director)
For each of the Directors and KMP Shareholding at the Cumulative Shareholding
beginning of the year during the year
shares of the shares of the
Company Company
equity etc.,)
At the End of the Year - - 1 0.002
Note: Astec LifeSciences Limited continues to hold this 1 (One) Equity Share jointly with Mr. Ashok V. Hiremath.
Increase: Nil
Decrease: Nil
2) Mr. Rakesh Dogra (Director)
Company Company
equity etc.,)
Note: Astec LifeSciences Limited continues to hold this 1 (One) Equity Share jointly with Mr. Rakesh Dogra.
Increase: Nil
Decrease: Nil
3) Mr. Arijit Mukherjee (Director)
Company Company
equity etc.,)
Note: Astec LifeSciences Limited continues to hold this 1 (One) Equity Share jointly with Mr. Arijit Mukherjee.
Increase: Nil
Decrease: Nil
Note: Mr. Balram S. Yadav, Director of the Company did not hold any Equity Shares of the Company during the Financial Year
2020-21.
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
Secured Loans Unsecured Deposits Total
excluding Loans Indebtedness
deposits
Indebtedness at the beginning of
the financial year
i) Principal Amount
ii) Interest due but not paid
iii) Interest accrued but not due
Total (i+ii+iii)
Change in Indebtedness during the
financial year Nil
• Addition
• Reduction
Net Change
Indebtedness at the end of the
financial year
i) Principal Amount
ii) Interest due but not paid
iii) Interest accrued but not due
Total (i+ii+iii)
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager: Not Applicable
Sr. Particulars of Remuneration Total Amount (in Rs.)
No.
Gross salary
1 (a) Salary as per provisions
contained in Section 17(1) of the
Income Tax Act, 1961
(b) Value of perquisites under
Section 17(2) Income Tax Act, 1961
(c) Profits in lieu of salary under
Section 17(3) Income Tax Act, 1961 Nil
2 Stock Options
3 Sweat Equity
4 Commission
- As a % of Profit
- Others, specify
5 Others, Please specify
i. Deferred bonus (pertaining to the
current Financial year payable in
2021)
ii. Retirals
TOTAL (A)
Ceiling as per the Act
B. Remuneration to other directors: Nil

I) Independent Directors
II) Non-Executive Directors
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD- Nil
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: (CHARGE PENALTY )

Type Section of Brief Details of Authority Appeal
the Description Penalty/Punishment/ RD/NCLT/Court Made, if
Companies Compounding fees any (give
Act imposed details)
A. Company
Penalty None
Punishment
Compounding
B. Director
Penalty None
Punishment
Compounding
C. Other Officer in Default
Penalty None
Punishment
Compounding
Sd/- Sd/-
Ashok V. Hiremath Arijit Mukherjee
(Director) (Director)
DIN: 00349345 DIN: 07334111
Place: Mumbai
Date: 29th April, 2021
Independent Auditor’s Report
To the Members of
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Behram Chemicals Private Limited (“the Company”),
which comprise the balance sheet as at 31 March 2021, and the statement of profit and loss
(including other comprehensive income), statement of changes in equity and statement of cash flows
for the year then ended, and notes to the financial statements, including a summary of the
significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid financial statements give the information required by the Companies Act, 2013 (“Act”) in
the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as at 31 March 2021, and profit
and other comprehensive income, changes in equity and its cash flows for the year ended on that
date.
Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Act. Our responsibilities under those SAs are further described in the
Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India together with the ethical requirements that are relevant to our audit
of the financial statements under the provisions of the Act and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
Other Information
The Company’s management and Board of Directors are responsible for the other information. The
other information comprises the information included in the Company’s annual report, but does not
include the financial statements and our auditors’ report thereon.
Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard.
Independent Auditor’s Report (Continued)
Management's Responsibility for the Financial Statements
The Company’s management and Board of Directors are responsible for the matters stated in
section 134(5) of the Act with respect to the preparation of these financial statements that give a
true and fair view of the state of affairs, profit and other comprehensive income, changes in equity
and cash flows of the Company in accordance with the accounting principles generally accepted
in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the
Act. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management and Board of Directors are responsible for
assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Board of Directors is also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are
also responsible for expressing our opinion on whether the company has adequate internal
financial controls with reference to financial statements in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
Auditor’s Responsibilities for the Audit of the Financial Statements (Continued)
• Conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the financial statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors’ Report) Order, 2016 (“the Order”) issued by the
Central Government in terms of section 143 (11) of the Act, we give in the “Annexure A” a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
(A) As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books.
c) The balance sheet, the statement of profit and loss (including other
comprehensive income), the statement of changes in equity and the statement of
cash flows dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Ind AS
specified under section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31
March 2021 taken on record by the Board of Directors, none of the directors is
disqualified as on 31 March 2021 from being appointed as a director in terms of
Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to
financial statements of the Company and the operating effectiveness of such
controls, refer to our separate Report in “Annexure B”.
Report on Other Legal and Regulatory Requirements (Continued)
(B) With respect to the other matters to be included in the Auditors’ Report in accordance
with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and
to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations as at 31 March
2021 on its financial position in its financial statements - Refer Note 22 to the
financial statements;
ii. The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses;
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company; and
(C) With respect to the matter to be included in the Auditors’ Report under section
197(16):
In our opinion and according to the information and explanations given to us, the
remuneration paid by the company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act. The remuneration paid to
any director is not in excess of the limit laid down under Section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other details under Section 197(16)
which are required to be commented upon by us.
For Shah & Kathariya

Chartered Accountants
Firm’s Registration No.: 115171W
Per P M Kathariya Place: Mumbai

Partner Date: 29th April 2021
Membership No.: 031315
UDIN:- 21031315AAAATR1580
Annexure A to the Independent Auditors’ Report – 31 March 2021
With reference to the Annexure A referred to in the Independent Auditors’ Report to the members
of the Company on the financial statements for the year ended 31 March 2021, we report the
following:
(i) (a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of property, plant and equipment.
(b) As explained to us, the Company has a program for physical verification of fixed
assets at periodic intervals. In our opinion, the period of verification is reasonable
having regard to the size of the Company and the nature of its assets. The
discrepancies reported on such verification were not material and have been
properly dealt with in the books of account.
(c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the title deeds of immovable
properties are held in the name of the Company as at balance sheet date.
(ii) The Company does not have inventory, Accordingly, the provisions of clauses 3(ii) of the
Order are not applicable to the Company.
(iii) The Company has not granted any loan, secured or unsecured to companies, firms, Limited
Liability Partnerships (LLPs) or other parties covered in the register maintained under
Section 189 of the Act. Accordingly, the provisions of clauses 3(iii)(a), 3(iii)(b) and
3(iii)(c) of the Order are not applicable to the Company.
(iv) In our opinion and according to the information and explanation given to us and based on
the audit procedures performed by us, the Company has complied with the provisions of
Section 185 and 186 of the Act, with respect to loan granted. The Company has not
provided any guarantees, security or made any investments during the year to the parties
covered under section 185 and 186 of the Act. Accordingly, the provisions of para 3(iv) of
the Order in respect of providing guarantees, security or investments made are not
applicable to Company.
(Continued)
(v) In our opinion, and according to the information and explanations given to us, the
Company has not accepted deposits as per the directives issued by the Reserve Bank of
India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act
and the rules framed thereunder. Accordingly, paragraph 3(v) of the Order is not applicable
to the Company.
(vi) In our opinion, and according to the information and explanations given to us, the
maintenance of cost records under section 148 (1) of the Act is not applicable to the
Company under Companies (Cost Record and Audit) Rules, 2014.
(vii) (a) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, amounts deducted/ accrued in the
books of account in respect of undisputed statutory dues of Provident fund,
Employees’ state insurance, Profession tax, Duty of custom, Duty of excise, Cess
and other material statutory dues have been regularly deposited with the
appropriate authorities. According to the information and explanations given to us
and on the basis of our examination of records of the Company, amounts deducted/
accrued in the books of account in respect of Income-tax and Goods and services
tax have been regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no undisputed amounts
payable in respect of Provident fund, Employees’ state insurance, Profession tax,
Income-tax, Goods and services tax, Duty of custom, Duty of excise, Cess and
other material statutory dues were in arrears as at 31 March 2021 for a period of
more than six months from the date they became payable.
(vii) (b) According to the information and explanations given to us, there are no dues of
Goods and services tax, Duty of customs and Duty of excise as at 31 March 2021,
which have not been deposited with the appropriate authorities on account of any
dispute. According to the information and explanation given to us, the following
dues of Income-tax, Sales-tax and Value added tax have not been deposited by the
Company on account of disputes:
(Amount in INR)
Name of Act Nature of Amount Amount deposited Period to which Forum where
dues demanded under disputes amount relates dispute is pending
Income Tax 3,11,705 Nil 2006-07 Assessing Officer
Tax 17,410 Nil 2011-12 Assessing Officer
(viii) In our opinion and according to the information and explanations given to us, the Company
has not defaulted in repayment of loans and borrowing to the banks. The Company did not
have any outstanding loans and borrowings to government, financial institution and dues to
debenture holders during the year.
(Continued)
(ix) According to the information and explanations given to us and based on our examination
of the records of the Company, the Company has not raised any moneys by way of initial
public offer or further public offer (including debt instruments) and has not obtained any
term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable to
the Company.
(x) During the course of our examination of the books and records of the Company, carried
out in accordance with the generally accepted auditing practices in India, and according to
the information and explanations given to us, we have neither come across any instance of
material fraud by the Company or on the Company by its officers or employees, noticed or
reported during the year, nor have we been informed of any such case by the management.
(xi) According to the information and explanations given to us and based on our examination
of the records of the Company, the Company has paid / provided for managerial
remuneration in accordance with the requisite approvals mandated by the provisions of
Section 197 read with Schedule V to the Act.
(xii) In our opinion and according to the information and explanations given to us, the Company
is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it. Accordingly,
paragraph 3(xii) of the Order is not applicable to the Company.
(xiii) In our opinion and according to the information and explanations given to us, the Company
has entered into transactions with related parties in compliance with the provisions of
Sections 177 and 188 of the Act. The details of such related party transactions have been
disclosed in the financial statements as required by Indian Accounting Standard (Ind AS)
24, Related Party Disclosures specified under Section 133 of the Act, read with Rule 3 of
the Companies (Indian Accounting Standards) Rules, 2015.
(xiv) According to the information and explanations given to us and based on our examination
of the records of the Company, the Company has not made any preferential allotment or
private placement of shares or fully or partly convertible debentures during the year.
Accordingly, paragraph 3(xiv) of the Order is not applicable to the Company.
(xv) According to the information and explanations given to us and based on our examination
of the records of the Company, the Company has not entered into any non-cash
transactions with directors or persons connected with them. Accordingly, paragraph 3(xv)
of the Order is not applicable to the Company.
(xvi) In our opinion and according to the information and explanations given to us, the Company
is not required to be registered under Section 45-IA of the Reserve Bank of India Act,
1934. Accordingly, paragraph 3(xvi) of the Order is not applicable to the Company.


Annexure B to the Independent Auditors’ Report – 31 March 2021
Report on the internal financial controls with reference to the aforesaid financial statements
under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
(Referred to in paragraph A(f) under ‘Report on Other Legal and Regulatory Requirements’
section of our report of even date)
Opinion
We have audited the internal financial controls with reference to financial statements of Behram
Chemicals Private Limited (“the Company”) as of 31 March 2021 in conjunction with our audit of
the financial statements of the Company for the year ended on that date.
In our opinion, the Company has, in all material respects, an adequate internal financial controls
with reference to financial statements and such internal financial controls with reference to
financial statements were operating effectively as at 31 March 2021, based on the internal financial
controls with reference to financial statements criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the
“Guidance Note”).
Management’s Responsibility for Internal Financial Controls
The Company’s management and the Board of Directors are responsible for establishing and
maintaining internal financial controls based on the internal financial controls with reference to
financial statements criteria established by the Company considering the essential components of
internal control stated in the Guidance Note. These responsibilities include the design,
implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct of its business, including adherence to
company’s policies, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Companies Act, 2013 (hereinafter referred to
as “the Act”).
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls with
reference to financial statements based on our audit. We conducted our audit in accordance with
the Guidance Note and the Standards on Auditing, prescribed under Section 143(10) of the Act, to
the extent applicable, to an audit of internal financial controls both applicable to an audit of
Internal Financial Controls and, both issued by the ICAI. Those Standards and the Guidance Note
require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls with reference to financial
statements was established and maintained and if such controls operated effectively in all material
respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the
internal financial control with reference to financial statements and their operating effectiveness.
Our audit of internal financial controls with reference to financial statements included obtaining an
understanding of such internal financial controls, assessing the risk that a material weakness exists,
and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment
of the risks of material misstatement of the financial statements, whether due to fraud or error.
Annexure B to the Independent Auditors’ Report – 31 March 2021
(Continued)
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion on the Company’s internal financial controls with reference to financial
statements.
Meaning of Internal Financial Controls with reference to Financial Statements

A company's internal financial controls with reference to financial statements is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting
principles. A company's internal financial controls with reference to financial statements include
those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, or disposition of the company's
assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls with reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial
statements, including the possibility of collusion or improper management override of controls,
material misstatements due to error or fraud may occur and not be detected. Also, projections of
any evaluation of the internal financial controls with reference to financial statements to future
periods are subject to the risk that the internal financial controls with reference to financial
statements may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.


Balance Sheet as at March 31, 2021
Note March 31, 2021 March 31, 2020

ASSETS
Non-current assets
Investment Property 2 28,82,863 29,70,851
Financial Assets
Loans 3 10,12,026 10,12,026
Total non current assets 38,94,889 39,82,877
Current assets
Financial Assets
Trade receivables 4 67,84,096 59,50,536
Cash and cash equivalents 5 79,186 79,186
Income tax assets (net) 6 31,539 346
Other current assets 7 2,53,428 3,11,912
Total current assets 71,48,250 63,41,980
Total assets 1,10,43,139 1,03,24,857
EQUITY AND LIABILITIES

Equity
Equity share capital 8 60,00,000 60,00,000
Other equity 9 46,51,822 39,92,238
Total equity 1,06,51,822 99,92,238
Liabilties
Non current liabilities
Deferred tax liabilities(net) 10 3,22,405 2,64,106
Total non-current liabilities 3,22,405 2,64,106
Current liabilities
Other current liabilities 11 68,913 68,513
Total current liabilities 68,913 68,513
Total liabilities 3,91,318 3,32,619
Total equity and liabilities 1,10,43,139 1,03,24,857
The Notes 1 to 22 form an integral part of the Financial Statements
As per our report attached For and on behalf of the Board of Directors
For Shah & Kathariya Behram Chemicals Private Limited
Chartered Accountants (CIN: U24100MH1993PTC071480)
FRN No. 115171W
P M Kathariya Ashok V. Hiremath Arijit Mukherjee

Partner Director Director
Membership No.: 031315 DIN: 00349345 DIN: 07334111
Place : Mumbai
Date : 29th April, 2021
Statement of Profit and Loss for the Period ended March 31, 2021
Particulars Note March 31, 2021 March 31, 2020

Income
Other income 12 10,80,000 10,80,000
Total income 10,80,000 10,80,000
Expenses
Finance costs 13 - -
Depreciation and amortisation expense 14 87,988 87,988
Other expenses 15 1,00,684 1,48,184
Total expenses 1,88,672 2,36,172
Profit before tax 8,91,328 8,43,828
Income tax expense:
- Current tax 16 2,04,162 1,62,353
- Deferred tax 10 27,582 57,043
- Tax for earlier years 16 - -
Total tax expense 2,31,745 2,19,395
Profit/(Loss) for the year 6,59,584 6,24,433
Other Comprehensive Income

Items that will not be reclassifed to profit or loss
Remeasurements of post-employment benefit obligations - -
Income tax related to the above item - -
- -
Other comprehensive income (net of tax) for the year - -
Total comprehensive income for the year 6,59,584 6,24,433
Earnings per equity share for profit attributable to equity

shareholders of Behram Chemicals Pvt Ltd 17
Basic (in Rs,) 10.99 10.41
Diluted (in Rs.) 10.99 10.41
FRN No. 115171W

Place : Mumbai
Statement of cash flows for the Year ended March 31, 2021
March 31, 2021 March 31, 2020

Cash flow from operating activities
Profit before tax 8,91,328 8,43,828
Adjustments to reconcile profit before tax to net cash used in operating
activities
Depreciation for the year 2,14 87,988 87,988
Operating Profit Before Working Capital Changes 9,79,316 9,31,816
Change in operating assets and liabilities
(Increase)/decrease in trade receivables 4 (8,33,560) (8,70,508)
(Increase)/decrease in other current assets 7 58,484 67,370
Increase/(decrease) in other current liabilities 11 400 34,013
Cash generated from operations 2,04,640 1,62,692
Income Tax paid (Net of refunds) 6 (2,04,640) (1,62,572)
Net cash inflow / (outflow) from operating activities - 120
Cash flow from investing activities - -

Net cash inflow / (outflow) from investing activities -
Cash flow from financing activities - -

Net cash inflow (outflow) from financing activities - -
Net increase / (decrease) in cash and cash equivalents - 120

Cash and cash equivalents at the beginning of the year 79,186 79,066
Cash and cash equivalents at the end of the year 79,186 79,186
Note 1 :
The above cash flow statement has been prepared under the indirect method as set out in Indian Accounting standard 7 Cash Flow Statement
notified u/s 133 of Companies Act, 2013 ("Act") read with Rule 4 of the Companies (Indian Accounting Standards) Rules 2015, as amended
and the relevant provisions of the Act.
FRN No. 115171W

Place : Mumbai
Statement of changes in equity for the Year ended March 31, 2021
A. Equity share capital

Notes March 31, 2021 March 31, 2020
Balance as at the beginning of the year 8 60,00,000 60,00,000
Changes in equity share capital during the year - -
Balance as at the end of the year 60,00,000 60,00,000
B. Other equity
Retained
Notes Total Equity
earnings
Balance as at April 1, 2019 9 33,67,805 33,67,805
Profit/(loss) for the year 6,24,433 6,24,433
Other comprehensive income for the year - -
Transactions with owners in their capacity as owners: - -
Dividends paid (including dividend distribution tax) - -
Balance as at March 31, 2020 39,92,238 39,92,238
Balance as at April 1, 2020 39,92,238 39,92,238

Profit/(loss) for the year 6,59,584 6,59,584
Other comprehensive income for the year - -
Transactions with owners in their capacity as owners: -
Balance as at March 31, 2021 46,51,822 46,51,822
FRN No. 115171W

Place : Mumbai
Notes forming part of the Financial Statements
Note 1 : Significant accounting policies
A. General Information
Behram Chemicals Private Limited ("the Company") is a private limited company, which is domiciled and incorporated in the Republic of India with its
registered office situated at Godrej One, 3rd Floor, Pirojsha Nagar, Eastern Express Highway, Vikhroli East, Mumbai - 400 079. The Company was
incorporated under the Companies Act, 1956 on April 6, 1993.
Significant accounting policies

B. Basis of preparation
(i) Statement of compliance with Ind AS
The accompanying standalone financial statements have been prepared in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015, as amended and notified under
section 133 of the Companies Act, 2013, (the 'Act') and other relevant provisions of the Act.
(ii) Historical cost convention
The financial statements have been prepared on a historical cost basis, except for the following:
- certain financial assets and liabilities (including derivative instruments) that is measured at fair value (refer- Accounting policy regarding financials
instruments);
- defined benefit plans – plan assets measured at fair value less present value of defined benefit obligation; and
- share-based payments - measured at fair value
(iii) Functional and presentation currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity
operates (‘the functional currency’) The Indian Rupee (INR) is the functional and presentation currency of the company.
C. Key estimates and assumptions
While preparing standalone financial statements in conformity with Ind AS, the management has made certain estimates and assumptions that require
subjective and complex judgments. These judgments affect the application of accounting policies and the reported amount of assets, liabilities, income
and expenses, disclosure of contingent liabilities at the statement of financial position date and the reported amount of income and expenses for the
reporting period. Future events rarely develop exactly as forecasted and the best estimates require adjustments, as actual results may differ from these
estimates under different assumptions or conditions.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively.
Judgement, estimates and assumptions are required in particular for:
(i) Recognition and measurement of defined benefit obligations

The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. Key actuarial assumptions include discount rate,
trends in salary escalation, actuarial rates and life expectancy. The discount rate is determined by reference to market yields at the end of the reporting
period on government bonds. The period to maturity of the underlying bonds correspond to the probable maturity of the post-employment benefit
obligations. Due to complexities involved in the valuation and its long term nature, defined benefit obligation is sensitive to changes in these
assumptions. All assumptions are reviewed at each reporting period.
(ii) Recognition of deferred tax assets

Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying values of assets and
liabilities and their respective tax bases, and unutilized business loss and depreciation carry-forwards and tax credits. Deferred tax assets are recognized
to the extent that it is probable that future taxable income will be available against which the deductible temporary differences, unused tax losses,
depreciation carry-forwards and unused tax credits could be utilized.
(iii) Recognition and measurement of other provisions

The recognition and measurement of other provisions are based on the assessment of the probability of an outflow of resources, and on past experience
and circumstances known at the balance sheet date. The actual outflow of resources at a future date may therefore, vary from the amount included in
other provisions.
(iv) Discounting of long-term financial assets / liabilities

All financial assets / liabilities are required to be measured at fair value on initial recognition. In case of financial liabilities/assets which are required to
subsequently be measured at amortised cost, interest is accrued using the effective interest method.
(v) Fair value of financial instruments

Derivatives are carried at fair value. Derivatives includes foreign currency forward contracts. Fair value of foreign currency forward contracts are
determined using the fair value reports provided by respective bankers.
(vi) Determining whether an arrangement contains a lease
Ind AS 116 requires lessee to determine the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease,
if the use of such option is reasonably certain. The Group makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses
whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Group considers
factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance
of the underlying asset taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future
periods is reassessed to ensure that the lease term reflects the current economic circumstances. After considering current and future economic conditions,
the Group has concluded that no changes are required to lease period relating to the existing lease contracts.
D. Measurement of fair values

The Company’s accounting policies and disclosures require the measurement of fair values for, both financial and non-financial assets and liabilities.
The Company has an established control framework with respect to the measurement of fair values. The management regularly reviews significant
unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then
the management assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of Ind AS,
including the level in the fair value hierarchy in which such valuations should be classified.
When measuring the fair value of a financial asset or a financial liability, the Company uses observable market data as far as possible. Fair values are
categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.
- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e.
derived from prices).
- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is
categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.
E. Significant accounting policies
(1) Revenue recognition :

i. Sale of goods
Revenue from operations comprises of sales of goods after the deduction of discounts, goods and service tax and estimated returns. Discounts given by
the Company includes trade discounts, volume rebates and other incentive given to the customers. Accumulated experience is used to estimate the
provision for discounts. Revenue is only recognized to the extent that it is highly probable a significant reversal will not occur.
Revenue from the sale of goods are recognized when control of the goods has transferred to our customer and when there are no longer any unfulfilled
obligations to the customer, This is generally when the goods are delivered to the customer depending on individual customer terms, which can be at the
time of dispatch or delivery. This is considered the appropriate point where the performance obligations in our contracts are satisfied as the Company no
longer have control over the inventory.
Our customers have the contractual right to return goods only when authorized by the Company.
ii. Dividend income

Dividend income is recognised only when the right to receive the same is established, it is probable that the economic benefits associated with the
dividend will flow to the Company, and the amount of dividend can be measured reliably.
iii. Interest income

For all financial instruments measured at amortised cost, interest income is recorded using the effective interest rate (EIR), which is the rate that
discounts the estimated future cash payments or receipts through the expected life of the financial instruments or a shorter period, where appropriate, to
the net carrying amount of the financial assets. Interest income is included in other income in the Statement of Profit and Loss.
2. Foreign currency :
Transactions and balances

Foreign currency transactions are translated into the respective functional currency using the exchange rates at the dates of the transactions. Foreign
exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in
foreign currencies at year end exchange rates are recognised in profit or loss.
Foreign exchange differences regarded as an adjustment to borrowing costs are presented in the statement of profit and loss, within finance costs. All
other foreign exchange gains and losses are presented in the statement of profit and loss on a net basis within Loss on Exchange Rates & Forward
Exchange Contracts.Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the
fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss.
(3) Employment Benefits

(i) Short-term obligations
Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Company
has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated
reliably. The Company has a scheme of Performance Linked Variable Remuneration (PLVR) which rewards its employees based on either Economic
Value Added (EVA) or Profit before tax (PBT). The PLVR amount is related to actual improvement made in either EVA or PBT over the previous year
when compared with expected improvements.
(ii) Other long-term employee benefit obligations

The liabilities for earned leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the
related service. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees
up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the
reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes
in actuarial assumptions are recognised in profit or loss.
The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least
twelve months after the reporting period, regardless of when the actual settlement is expected to occur.
(iii) Post-employment obligations

The Company operates the following post-employment schemes:
(a) defined benefit plans such as gratuity, and
(b) defined contribution plans such as provident fund.
Gratuity obligations
The following post – employment benefit plans are covered under the defined benefit plans:
Gratuity :
The Company’s net obligation in respect of defined benefit plans is calculated by estimating the amount of future benefit that employees have earned in
the current and prior periods, discounting that amount and deducting the fair value of any plan assets.
The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation
results in a potential asset for the Company, the recognised asset is limited to the present value of economic benefits available in the form of any future
refunds from the plan or reductions in future contributions to the plan.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the period in which they
occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.
Defined contribution plans

The Company pays provident fund contributions to publicly administered provident funds as per local regulations. The Company has no further payment
obligations once the contributions have been paid. The contributions are accounted for as defined contribution plans and the contributions are recognised
as employee benefit expense when they are due.
(iv) Share-based payments

Share-based compensation benefits are provided to employees via the Astec LifeSciences Limited Employee Stock Option Plan.
Employee options:
The fair value of options granted under the Astec LifeSciences Limited Employee Stock Option Plan is recognised as an employee benefits expense with
a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:
- including any market performance conditions (e.g., the entity’s share price)
- excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee
of the entity over a specified time period), and
-including the impact of any non-vesting conditions (e.g. the requirement for employees to save or holdings shares for a specific period of time).
The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the
end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service
conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.
(v) Bonus plans

The Company recognises a liability and an expense for bonuses. The Company recognises a provision where contractually obliged or where there is a
past practice that has created a constructive obligation.
(vi) Terminal benefits

All terminal benefits are recognized as an expense in the period in which they are incurred.
(4) Income tax

The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for
each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in India.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation.
It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and
their carrying amounts. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the
reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be
available to utilise those temporary differences and losses
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax
balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and
intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly
in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
(5) Inventories
Raw materials and stores, work in progress, traded and finished goods
Raw materials and stores, work in progress, traded and finished goods are stated at the lower of cost and net realisable value. Cost of raw materials and
traded goods comprises cost of purchases. Cost of work-in progress and finished goods comprises direct materials, direct labour and an appropriate
proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Cost of inventories also
include all other costs incurred in bringing the inventories to their present location and condition. Cost includes the reclassification from equity of any
gains or losses on qualifying cash flow hedges relating to purchases of raw material but excludes borrowing costs. Costs are assigned to individual items
of inventory on the basis of weighted average price. Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable
value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the
sale.
(6) Property, plant and equipment
(i) Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses, if any.
The cost of an item of property, plant and equipment comprises:

a) its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates.
b) any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended
by management.
c) the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the obligation for which an entity
incurs either when the item is acquired or as a consequence of having used the item during a particular period for purposes other than to produce
inventories during that period.
Income and expenses related to the incidental operations, not necessary to bring the item to the location and condition necessary for it to be capable of
operating in the manner intended by management, are recognised in the Statement of Profit and Loss.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted and depreciated for as separate items
(major components) of property, plant and equipment.
Any gain or loss on disposal of an item of property, plant and equipment is recognised in the Statement of Profit and Loss.
(ii) Subsequent expenditure

Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.
(iii) Depreciation/ Amortizations

Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives specified in
schedule II to the Companies Act, 2013 except for the following:
(a) Plant and Machinery:

Based on the condition of the plants, regular maintenance schedule, material of construction, external and internal assessment and past experience, the
Company has considered useful life of Plant and Machinery as 20 years.
(b) Computer Hardware:

Depreciated over its estimated useful life of 4 years.
(c) Right of use asset:

Amortized over the primary lease period.
(d) Leasehold improvements and equipments:

Amortised over the Primary lease period or 16 years whichever is less
Assets costing less than Rs. 5,000 are fully depreciated in the year of purchase/acquisition. Depreciation methods, useful lives and residual values are
reviewed at each reporting date and adjusted if appropriate.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable
amount
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss within other
gains/(losses).
(7) Investment properties

Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Company, is classified as investment
property. Investment property is measured initially at its cost,including related transaction costs and where applicable borrowing costs. Subsequent
expenditure is capitalised to the asset’s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow
to the Company and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an
investment property is replaced, the carrying amount of the replaced part is derecognised
Investment properties are depreciated using the straight-line method over their estimated useful lives. Investment properties generally have a useful life
of 25-40 years.
(8) Intangible assets

(i) Computer software
Recognition and measurement
Intangible assets are recognized when it is probable that the future economic benefits that are attributable to the assets will flow to the Company and the
cost of the asset can be measured reliably.
Intangible assets viz. Computer software and product registration, which are acquired by the Company and have finite useful lives are measured at cost
less accumulated amortisation and any accumulated impairment losses.
The cost of intangible assets at 1st April 2015, the Company’s date of transition to Ind AS, was determined with reference to its carrying value at that
date.
Amortisation
Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated
useful lives, and is generally recognised in profit or loss.
The intangible assets are amortised over the estimated useful lives as given below:
-Computer software : 6 years
-Product Registration : 5 years
(ii) Research and development

Revenue expenditure on research & development is charged to the Statement of Profit and Loss of the year in which it is incurred.
Capital expenditure incurred during the period on research & development is accounted for as an addition to property, plant & equipment.
(9) Borrowing costs

General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised
during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a
substantial period of time to get ready for their intended use or sale.
Other borrowing costs are expensed in the period in which they are incurred.
(10) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ("CODM") of the
Company. The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the
Directors of the Company. The Company does not have any operating segment based on the information reviewed by CODM as there is no commercial
business activity in the company.
(11) Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial instruments also include derivative contracts such as foreign currency foreign exchange forward contracts.
Financial instruments also covers contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by
exchanging financial instruments, as if the contracts were financial instruments, with the exception of contracts that were entered into and continue to be
held for the purpose of the receipt or delivery of a non-financial item in accordance with the entity’s expected purchase, sale or usage requirements.
Derivatives are currently recognized at fair value on the date on which the derivative contract is entered into and are subsequently re-measured to their
fair value at the end of each reporting period.
(12) Hedge accounting

The Company designates certain hedging instruments in respect of foreign currency risk, interest rate risk and commodity price risk as cash flow hedges.
At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk
management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis,
the Company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item
attributable to the hedged risk.
The effective portion of changes in the fair value of the designated portion of derivatives that qualify as cash flow hedges is recognised in other
comprehensive income and accumulated under equity. The gain or loss relating to the ineffective portion is recognised immediately in statement of
profit or loss.
Amounts previously recognised in other comprehensive income and accumulated in equity relating to effective portion as described above are
reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. However, when the
hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, such gains and losses are transferred from equity
and included in the initial measurement of the cost of the non-financial asset or non-financial liability.
Hedge accounting is discontinued prospectively when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies
for hedge accounting. Any gain or loss recognised in other comprehensive income and accumulated in equity at that time remains in equity and is
recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the gain or
loss accumulated in equity is recognised immediately in the statement profit or loss.
i. Financial assets
Classification
The Company classifies its financial assets in the following measurement categories:
- Where assets are measured at fair value, gains and losses are either recognized entirely in the Statement of Profit and Loss (i.e. fair value through
profit or loss), or recognized in Other Comprehensive Income (i.e. fair value through other comprehensive income).
- A financial asset that meets the following two conditions is measured at amortized cost (net of any write down for impairment) unless the asset is
designated at fair value through profit or loss under the fair value option.
Business model test: The objective of the Company’s business model is to hold the financial asset to collect the contractual cash flows (rather than to sell
the instrument prior to its contractual maturity to realize its fair value changes).
Cash flow characteristics test: The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
Initial recognition and measurement

At initial recognition, the Company measures a financial asset at fair value plus, in the case of a financial asset not recorded at fair value through the
Statement of Profit and Loss, transaction costs that are attributable to the acquisition of the financial asset.
Equity investments
- All equity investments in scope of Ind-AS 109 are measured at fair value. Equity instruments which are held for trading are classified as at FVTPL. For
all other equity instruments, the Company decides to classify the same either as at FVOCI or FVTPL. The Company makes such election on an
instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.
- If the Company decides to classify an equity instrument as FVOCI, then all fair value changes on the instrument, excluding dividends, are recognized in
the OCI. There is no recycling of the amounts from OCI to profit and loss, even on sale of investment. However, the Company may transfer the
cumulative gain or loss within equity.
- Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statement of Profit and Loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar financial assets) is primarily derecognised (i.e. removed
from the Company’s balance sheet) when:
- The rights to receive cash flows from the asset have expired, or
- The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without
material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Company has transferred substantially all the risks and rewards of
the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the
asset
When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to
what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of
the asset, nor transferred control of the asset, the Company continues to recognise the transferred asset to the extent of the Company’s continuing
involvement. In that case, the Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis
that reflects the rights and obligations that the Company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset
and the maximum amount of consideration that the Company could be required to repay.
Impairment of financial assets
In accordance with Ind-AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the
following financial assets and credit risk exposure:
a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, deposits, and bank balance.
b) Trade receivables - The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognises
impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition. Trade receivables are tested for impairment
on a specific basis after considering the sanctioned credit limits, security like letters of credit, security deposit collected etc. and expectations about
future cash flows.
ii. Financial liabilities
Classification
Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual arrangements entered into
and the definitions of a financial liability and an equity instrument.
The Company classifies all financial liabilities as subsequently measured at amortised cost, except for financial liabilities at fair value through the
Statement of Profit and Loss. Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value.
Initial recognition and measurement

Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial liabilities are classified,
at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging
instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable and
incremental transaction cost.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included as finance costs in the statement of profit and loss.
The Company’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, financial guarantee contracts and
derivative financial instruments.
Financial guarantee contracts
Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to reimburse the holder for a loss it incurs
because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. Financial guarantee contracts are
recognised initially as a liability at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequently,
the liability is measured at the higher of the amount of loss allowance determined as per impairment requirements of Ind-AS 109 and the amount
recognised less cumulative amortisation.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is
replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognized in the statement of profit and loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to
offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
Derivative financial instruments
The Company uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and
interest rate risks respectively. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently re-measured at fair value. The accounting for subsequent changes in fair value depends on whether the derivative is
designated as a hedging instrument, and if so, the nature of item being hedged and the type of hedge relationship designated.
Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.
(13) Provisions, contingent liabilities and contingent assets

Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
The expenses relating to a provision is presented in the Statement of Profit and Loss net of any reimbursement.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows specific to the liability. The
unwinding of the discount is recognised as finance cost.
A provision for onerous contracts is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost
of continuing with the contract. Before a provision is established, the Company recognises any impairment loss on the assets associated with that
contract.
A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but will probably not, require an
outflow of resources. When there is a possible obligation of a present obligation in respect of which the likelihood of outflow of resources is remote, no
provision disclosure is made.
A contingent asset is not recognised but disclosed in the financial statements where an inflow of economic benefit is probable.
Commitments includes the amount of purchase order (net of advance) issued to parties for completion of assets.
Provisions, contingent assets, contingent liabilities and commitments are reviewed at each balance sheet date.
(14) Cash flow hedges that qualify for hedge accounting

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in the other
comprehensive income in cash flow hedging reserve within equity, limited to the cumulative change in fair value of hedged item on a present value basis
from the inception of hedge. The gain or loss relating to the effective portion is recognized immediately in profit or loss.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
(15) Leases
A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
Group as a lessee
The Group’s lease asset classes primarily consist of leases for land and buildings. The group assesses whether a contract contains a lease, at inception of
a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the right to control the use of an identified asset, the group assesses whether: (1) the contract
involves the use of an identified asset (2) the group has substantially all of the economic benefits from use of the asset through the period of the lease and
(3) the group has the right to direct the use of the asset.
At the date of commencement of the lease, the Group recognizes a right-of-use asset (“ROU”) and a corresponding lease liability for all lease
arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short term
and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.
Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities
includes these options when it is reasonably certain that they will be exercised.
The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at
or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less
accumulated depreciation and impairment losses.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the
underlying asset.
Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be
recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is
determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such
cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the
interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease
liabilities are remeasured with a corresponding adjustment to the related right of use asset if the group changes its assessment if whether it will exercise
an extension or a termination option.
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.
Group as a lessor
Leases for which the group is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and
rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.
When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance
or operating lease by reference to the right-of-use asset arising from the head lease.
For operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.
(16) Impairment of non-financial assets

Goodwill and intangible assets that have infinite useful life are not subjected to amortization and are tested annually for impairment, or more frequently
if events or changes in circumstances indicate that they might be impaired.
The carrying values of other assets/cash generating units at each balance sheet date are reviewed for impairment if any indication of impairment exists. If
the carrying amount of the assets exceed the estimated recoverable amount, an impairment is recognised for such excess amount.
The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to
their present value based on an appropriate discount factor that reflects current market assessments of the time value of money and the risk specific to the
asset.
When there is indication that an impairment loss recognised for an asset (other than a revalued asset) in earlier accounting periods which no longer exists
or may have decreased, such reversal of impairment loss is recognised in the Statement of Profit and Loss, to the extent the amount was previously
charged to the Statement of Profit and Loss. In case of revalued assets, such reversal is not recognised.
(17) Dividends
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of the entity, on or before the
end of the reporting period but not distributed at the end of the reporting period.
(18) Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or
less, which are subject to an insignificant risk of changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding
bank overdrafts as they are considered an integral part of the Company’s cash management.
(19) Earnings per share

(i) Basic earnings per share
Basic earnings per share is calculated by dividing:
-the profit attributable to owners of the Company
-by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in equity shares issued during the
year and excluding treasury shares.
(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:
-the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and
-the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity
shares.
(F) Recent Indian Accounting Standards (Ind AS)

Ministry of Corporate Affairs ("MCA") notifies new standard or amendments to the existing standards. There is no such notification which would have
been applicable from April 1, 2021.
(G) Recent Pronouncements

On March 24, 2021, the Ministry of Corporate Affairs ("MCA") through a notification, amended Schedule III of the Companies Act, 2013. The
amendments revise Division I, II and III of Schedule III and are applicable from April 1, 2021. Key amendments relating to Division II which relate to
companies whose financial statements are required to comply with Companies (Indian Accounting Standards) Rules 2015 are:
Balance Sheet:
• Lease liabilities should be separately disclosed under the head ‘financial liabilities’, duly distinguished as current or non-current.
• Certain additional disclosures in the statement of changes in equity such as changes in equity share capital due to prior period errors and restated
balances at the beginning of the current reporting period.
• Specified format for disclosure of shareholding of promoters.
• Specified format for ageing schedule of trade receivables, trade payables, capital work-in-progress and intangible asset under development.
• If a company has not used funds for the specific purpose for which it was borrowed from banks and financial institutions, then disclosure of details of
where it has been used.
• Specific disclosure under ‘additional regulatory requirement’ such as compliance with approved schemes of arrangements, compliance with number of
layers of companies, title deeds of immovable property not held in name of company, loans and advances to promoters, directors, key managerial
personnel (KMP) and related parties, details of benami property held etc.
Statement of profit and loss:

• Additional disclosures relating to Corporate Social Responsibility (CSR), undisclosed income and crypto or virtual currency specified under the head
‘additional information’ in the notes forming part of consolidated financial statements.
The amendments are extensive and the Group will evaluate the same to give effect to them as required by law.
Note 2 : Investment Property
Particulars March 31, 2021 March 31, 2020

Gross carrying amount
Opening gross carrying amount 34,10,791 34,10,791
Additions -
Closing gross carrying amount 34,10,791 34,10,791
Accumulated Depreciation
Opening accumulated depreciation 4,39,940 3,51,952
Depreciation charge 87,988 87,988
Closing accumulated depreciation 5,27,928 4,39,940
Net carrying amount 28,82,863 29,70,851
(i) Amounts recognised in profit or loss for investment properties

Rental income 10,80,000 10,80,000
Profit from investment properties before depreciation 10,80,000 10,80,000

Depreciation 87,988 87,988
Profit from investment properties 9,92,012 9,92,012
Note 3 : Loans (non-current)

Security deposits for utilities & premises 10,12,026 10,12,026
TOTAL 10,12,026 10,12,026
Note 4 : Trade receivables

Unsecured : Considered Good
- Related parties (Refer Note 19) 67,84,096 59,50,536
- Other parties - -
TOTAL 67,84,096 59,50,536
Note 5 : Cash and cash equivalents

Balances with Banks
- in Current Accounts 79,186 79,186
Cash on hand - -
TOTAL 79,186 79,186
Note 6 : Income tax assets (net)

Opening balance 346 127
Less: Current tax payable for the year 2,04,162 1,62,353
Add: Taxes paid (Net of refunds) 2,04,640 1,62,572
Less: Earlier year tax adjustment (30,716) -
Closing balance 31,539 346
Note 7 : Other current assets

Prepaid expenses 2,53,428 3,11,912
TOTAL 2,53,428 3,11,912
Note 8 : Share Capital

a Authorised :
60,000 (March 31, 2020 : 60,000) Equity shares
of the par value of INR 100 each 60,00,000 60,00,000
TOTAL 60,00,000 60,00,000

b Issued and Subscribed:
60,000 (March 31, 2020 : 60,000) Equity shares
fully paid up 60,00,000 60,00,000
TOTAL 60,00,000 60,00,000
c Reconciliation of number of equity shares outstanding at the beginning and the end of the year :

Outstanding at the beginning of the year 60,000 60,000
Issued during the year
Outstanding at the end of the year 60,000 60,000
d Rights, preferences and restrictions attached to Equity shares

The Company has issued only one class of equity shares having a par value of INR 100 each. Each equity shareholder is entitled to
one vote per share.
e Shares of the company held by holding / ultimate holding company

March 31, 2021 March 31, 2020
Name of Shareholder
No of shares % No of shares %
Astec LifeSciences Limited 39,380 65.63% 39,380 65.63%
(Immediate holding company)
f Shareholders holding more than 5% shares in the company is set out below:
March 31, 2021 March 31, 2020
Name of Shareholder
No of shares % No of shares %
Astec LifeSciences Limited (holding Company) 39,380 65.63% 39,380 65.63%
M.C. Chemicals 20,000 33.33% 20,000 33.33%
Note 9 - Other Equity

Reserves & Surplus
Retained earnings 46,51,822 39,92,238
TOTAL 46,51,822 39,92,238
(i) Retained Earnings

Opening balance 39,92,238 33,67,805
Net profit for the period 6,59,584 6,24,433
Items of other comprehensive income recognised direclty in retained earnings
- Remeasurement of post-employment benefit obligation, net of tax - -
Closing balance 46,51,822 39,92,238

Note 10 : Deferred Tax Asset / (Liabilities)

The balance comprises temporary differences attributable to:
Property, plant and equipment (3,22,404) (2,97,821)

Mat credit entitlement - 33,715
Net deferred tax liabilities (3,22,404) (2,64,106)
Movement in deferred tax balances for the year ended March 31, 2021
Balance as at Recognised in Balance as at
Particulars Tax for earlier years Net Deferred tax asset Deferred tax liability
April 1, 2020 profit or loss March 31, 2021
Deferred tax asset
Property, plant and equipment (2,97,821) 24,583 - 24,583 3,22,404 (3,22,404)
Mat Credit 33,715 2,999 (30,716) 33,715 - -
Tax assets / (Liabilities) (2,64,106) 27,582 (30,716) 58,298 - 3,22,404 (3,22,404)
Balance as at Recognised in Balance as at

Particulars Tax for earlier years Net Deferred tax asset Deferred tax liability
April 1, 2019 profit or loss March 31, 2020
Deferred tax asset
Property, plant and equipment (2,67,965) 29,857 29,857 2,97,821 (2,97,821)
Mat Credit 60,901 27,186 27,186 33,715 33,715
Tax assets / (Liabilities) (2,07,063) 57,043 - 57,043 33,715 2,97,821 (2,64,106)
The company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to
income taxes levied by the same tax authority.
Significant management judgement is required in determining provision for income tax, deferred income tax assets and liabilities and recoverability of deferred income tax assets. The recoverability of deferred
income tax assets is based on estimates of taxable income by each jurisdiction in which the relevant entity operates and the period over which deferred income tax assets will be recovered.
Note 11 : Other current liabilities

Other payables 68,913 68,513
TOTAL 68,913 68,513
Note 12 : Other Income

Rental income 10,80,000 10,80,000
TOTAL 10,80,000 10,80,000
Note 13 : Finance Costs

Other borrowing costs - -
TOTAL - -
Note 14 : Depreciation and amortisation expense

Depreciation expense 87,988 87,988
TOTAL 87,988 87,988
Note 15 : Other Expenses

Rent (Sub-letting Charges) 58,484 58,484

Rates and Taxes - 8,887
Professional fees 6,800 6,800
Payment to auditors (refer note 15(a) below) 29,500 29,500
Miscellaneous Expenses 5,900 44,513
TOTAL 1,00,684 1,48,184
Note 15 (a) : Details of payments to auditors

Payment to auditors
Audit fees 29,500 29,500
Total payments to auditors 29,500 29,500
Note 16 : Income tax expense

This note provide an analysis of the Company's income tax expense, show amounts that are recognised directly in equity and how the tax expense is affected by non-
assessable and non-deductible items.
(a) Amounts recognised in profit and loss

Current income tax
In respect of current year 2,04,162 1,62,353
Adjustments in respect of earlier years (30,716) -
TOTAL 1,73,446 1,62,353
Deferred income tax

In respect of current year
Origination and reversal of temporary differences 27,582 57,043
Adjustments in respect of earlier years
Origination and reversal of temporary differences 30,716 -
Total deferred tax expense/(benefit) 58,298 57,043

Tax expense recognised in the Statement of Profit & Loss 2,31,745 2,19,395
(b) Reconciliation of tax expense and the accounting profit multiplied by India's tax rate:
Profit before income tax expense 8,91,328 8,43,828
2,31,745 2,19,395
Expenses not allowed for tax purpose - -
TOTAL 2,31,745 2,19,395

Adjustments in respect of earlier years - -
Tax expense as per Statement of Profit & Loss 2,31,745 2,19,395
The Company’s weighted average tax rates for the year ended March 31, 2021 and March 31, 2020 were 26.00% and 26.00%, respectively.
Note 17 : Earnings per share
Calculation of weighted average number of equity shares

1 Calculation of weighted average number of equity shares - Basic
(a) Number of shares at the beginning of the year 60,000 60,000
Number of shares outstanding at the end of the year 60,000 60,000
Weighted average number of equity shares outstanding during the year 60,000 60,000
2 Calculation of weighted average number of equity shares - Diluted

(a) Number of shares at the beginning of the year 60,000 60,000
Effect of potential equity shares - -
Revised number of potential shares at the beginning of the year 60,000 60,000
(b) Number of equity shares outstanding at the end of the year 60,000 60,000
Effect of potential equity shares - -
Revised number of potential equity shares outstanding at the end of the year 60,000 60,000
Weighted average number of potential equity shares outstanding during the year 60,000 60,000
3 Profit attributable to ordinary shareholders (Basic/diluted)

Profit (loss) for the year, attributable to the owners of the Company 6,59,584 6,24,433
4 Basic Earnings per share (Rs.) 10.99 10.41
5 Diluted Earnings per share (Rs.) 10.99 10.41
6 Nominal Value of Shares (Rs.) 10 10
Note 17.1 The calculation of diluted earnings per share is based on profit attributed to equity shareholders and weighted average number
of equity shares outstanding after adjustments for the effects of all dilutive potential equity shares.
Note 18 : Financial instruments – Fair values and risk management
A. Accounting classification and fair values

Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, are presented below. It does not include the fair value information for financial assets and
financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
Carrying amount
Fair value
Fair value
As at March 31, 2021 Notes through profit Amortised Cost Total
through OCI
and loss
Financial assets
Non Current Financial Assets
Security deposits 3 - - 10,12,026 10,12,026
Current Financial Assets

Trade receivables 4 - - 67,84,096 67,84,096
Cash and cash equivalents 5 - - 79,186 79,186
- - 78,75,308 78,75,308
Carrying amount
Fair value
Fair value
As at March 31, 2020 Notes through profit Amortised Cost Total
through OCI
and loss
Financial assets
Non Current Financial Assets
Security deposits 3 - - 10,12,026 10,12,026
Current Financial Assets

Trade receivables 4 - - 59,50,536 59,50,536
Cash and cash equivalents 5 - - 79,186 79,186
- - 70,41,748 70,41,748
The carrying amount of trade receivables, trade payables and cash & cash equivalents are considered to be the same as their fair values, due to their short term nature.
The carrying amount of security deposits are considered to be reasonable approximation of fair value.
During the reporting year ending March 31, 2021 and March 31, 2020, there were no transfers between levels 1 and 2 fair value measurements
The Company's policy is to recognise transfers into and transfers out of fair value hirerchy level as at the end of reporting period.
Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include :
- the fair value of the remaining financial instruments is determined using discounted cash flow analysis.
B. Financial risk management

The Company has exposure to the following risks arising from financial instruments:
▪ Credit risk ;
▪ Liquidity risk ; and
▪ Market risk
i. Risk management framework
The Company’s business activities expose it to a variety of financial risks, namely credit risk, liquidity risk and market risks. The Company's senior management has the overall responsibility for the establishment
and oversight of the Company's risk management framework and is responsible for developing and monitoring the Company's risk management policies. These policies are established to identify and analyse the
risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company's activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees
understand their roles and obligations.
Financial instruments – Fair values and risk management (continued)
i. Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another
financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under
both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts disclosed in the table are the contractual undiscounted cash flows.
Contractual cash flows

6 months or More than 5
As at March 31, 2021 Carrying amount 6-12 months 1-2 years 2-5 years Total
less years
INR
Non-derivative financial liabilities
Trade and other payables - - - - - - -
Contractual cash flows

6 months or More than 5
As at March 31, 2020 Carrying amount 6-12 months 1-2 years 2-5 years Total
less years
INR
Non-derivative financial liabilities
Trade and other payables - - - - - - -
Financial instruments – Fair values and risk management (continued)
ii Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet
its contractual obligations, and arises principally from the Company's receivables from customers and loans and advances.
The carrying amount of following financial assets represents the maximum credit exposure:
Trade receivables and loans and advances.
The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer and the
geography in which it operates. Credit risk is managed through credit approvals, establishing credit limits and
continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course
of business.
The Company has established a credit policy under which each new customer is analysed individually for creditworthiness
before the Company’s standard payment and delivery terms and conditions are offered. Accordingly no provision has been
made on the same.
The company individually monitors the sanctioned credit limits as against the outstanding balances. Accordingly, the
Company makes specific provisions against such trade receivables wherever required and monitors the same at periodic
intervals.
The Company monitors each loans and advances given and makes any specific provision wherever required.
The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade
receivables and loans and advances.
The maximum exposure to credit risk for trade and other receivables by type of counterparty was as follows :
Carrying amount
Particulars Notes March 31, 2021 March 31, 2020
Financial Assets (Non-current)
Loans 3 10,12,026 10,12,026
Financial Assets (Current)

Cash and cash equivalents 5 79,186 79,186
Trade and other receivables
Exports 4 - -
Domestic 4 67,84,096 59,50,536
78,75,308 70,41,748
Impairment
The ageing of trade and other receivables that were not impaired was as follows.

Neither past due nor impaired - -
Past due 1–30 days 39,000 88,200
Past due 31–90 days 1,77,300 1,76,400
Past due 91–180 days 1,85,050 2,64,600
> 180 days 63,82,746 54,21,336
67,84,096 59,50,536
Management believes that the unimpaired amounts which are past due are collectible in full.
Cash and cash equivalents

The Company's held cash and cash equivalents of INR 79,186 at March 31, 2021 (March 31, 2020: INR 79,186). The
cash and cash equivalents are held with bank and financial institution counterparties with good credit rating.
Other than trade and other receivables, the Company has no other financial assets that is past due but not impaired.
Note 19 : Related party relationships, transactions and balances
Parties with whom the company has entered into transactions during the period where control exists
1 Holding Company
Astec LifeSciences Limited holds 65.63% Equity Shareholding in the Company. Astec LifeSciences Limited is a subsidiary of Godrej Agrovet
Limited (GAVL) and GAVL is the subsidiary of Godrej Industries Limited (GIL). GIL is the Ultimate Holding Company of the Company.
2 Fellow subsidiaries
A. Subsidiaries of Astec LifeSciences Limited (ASTEC):
1. Astec Europe Sprl (upto 31st August, 2020)
2. Comercializadora Agricola Agroastrachem Cia Ltda
3 Key managerial personnel

Balram Singh Yadav, Director
Ashok V.Hiremath, Director
Rakesh Dogra, Director
Arijit Mukherjee, Director
4 Transactions with related parties

The following transactions occurred with related parties:-
Particulars Relationship March 31, 2021 March 31, 2020
Rental income
Astec LifeSciences Limited Holding Company 10,80,000 10,80,000
Expenses Charged to /
Reimbursement made by other
companies
5 Outstanding balances of related parties
Particulars Relationship March 31, 2021 March 31, 2020

Trade receivables
6 Terms and Conditions

Transactions relating to dividends were on the same terms and conditions that are applied to other shareholders.
Loans to/from related parties are generally repayable on demand at interest rates of 8% to 12% per annum. All other transactions were made on
normal commercial terms and conditions and on at arm's length basis.
All the outstanding balances are unsecured and are repayable in cash.
Note 20: Capital Management

a) Risk Management
The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain
future development of the business. Management monitors the return on capital as well as the level of dividends to ordinary
shareholders.
The Company monitors capital using a ratio of ‘adjusted net debt’ to ‘adjusted equity’. For this purpose, adjusted net debt is defined as
total liabilities, comprising interest-bearing loans and borrowings less cash and cash equivalents. Adjusted equity comprises of all
components of equity other than amounts accumulated in the effective portion of cash flow hedges and cost of hedging.
The Company’s adjusted net debt to equity ratio at March 31, 2021 was as follows.

Total Borrowings - -
Less : Cash and cash equivalents 79,186 79,186
Adjusted net debt (79,186) (79,186)
Total equity 1,06,51,822 99,92,238
Adjusted net debt to total equity ratio (0.01) (0.01)
b) Dividends
(i) Dividend not recognised at the end of the reporting period
The directors have recommended the payment of a Final dividend of Nil per fully paid equity - -
share (March 31, 2020 - Nil). This proposed dividend is subject to the approval of
shareholders in the ensuing annual general meeting.
Note 21: Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker
("CODM") of the Company. The CODM, who is responsible for allocating resources and assessing performance of the operating
segments, has been identified as the Directors of the Company. The Company does not have any operating segment based on the
information reviewed by CODM as there is no commercial business activity in the company.
Note 22 : Contingent liabilities

Claims against the Company not acknowledged as debts:
(i) Income tax
(a) Pending before AO 3,29,115 3,29,115
(ii) Sales tax matters

(a) Pending before JSCT(Appeal) - 1,84,821

Behram Annual Report 202021

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Behram Annual Report 202021

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BEHRAM CHEMICALS PRIVATE LIMITED

[Corporate Identity Number (CIN): U24100MH1993PTC071480]

For the Financial Year 2020-21

NOTICE OF 28TH (TWENTY-EIGHTH) ANNUAL GENERAL MEETING

By Order of the Board of Directors

1. A SHAREHOLDER ENTITLED TO ATTEND AND VOTE AT THE ANNUAL GENERAL

3. Shareholder(s) / Proxy(ies) / Authorised Representative(s) should bring the duly filled

28TH (TWENTY EIGHTH) ANNUAL GENERAL MEETING

Registered Folio No./

Name and Address of

…………………………………………… …………………………………………… ……………………………………

Folio No/ DP ID - Client

I / We being the Member(s) of Behram Chemicals Private Limited holding ____________

E-mail ID: _______________________________ Signature: _____________________ or failing him/her;

E-mail ID: _______________________________ Signature: _____________________ or failing him/her;

E-mail ID: _______________________________ Signature: _____________________

Signed this_____________ day of __________ 2021

Signature of Proxy Holder(s): _____________________

Name of the Director Mr. Arijit Mukherjee

Date of Birth 28/01/1970

Age (in Years) 51

Date of Appointment (DD/MM/YYYY) 11/11/2016

Relationships between directors inter-se None

EASTERN EXPRESS HIGHWAY

enter through here

R-CITY MALL Parallel road gate 4

Your Directors do not propose to transfer any amount to general reserve.

Authorized Share Capital Issued, Subscribed & Paid-up

DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMPs):

Sr. Name of the Director Director Designation

MEETINGS OF THE BOARD OF DIRECTORS:

DECLARATION OF INDEPENDENCE BY INDEPENDENT DIRECTORS:

STATEMENT ON OPINION OF BOARD OF DIRECTORS WITH REGARD TO INTEGRITY, EXPERTISE AND

PREVENTION OF SEXUAL HARASSMENT:

MAINTENANCE OF COST RECORDS:

DIRECTORS’ RESPONSIBILITY STATEMENT:

EXPLANATION(S) / COMMENT(S) TO QUALIFICATIONS, RESERVATIONS, ADVERSE REMARKS &

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SUB-

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:

INTERNAL FINANCIAL CONTROLS:

1 Change in nature of business, if any None

For Behram Chemicals Private Limited

I. REGISTRATION AND OTHER DETAILS

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

2 Godrej Agrovet Limited L15410MH1991PLC135359 Holding Company Nil Section

3 Godrej Industries Limited L24241MH1988PLC097781 Holding Company Nil Section

* Percentage of Shareholding is as on 31st March, 2021

Total Public 0 20,620 20,620 34.367 0 20,620 20,620 34.367 0

ii) Shareholding of Promoters

(iii) Change in Promoters’ Shareholding ( please specify, if there is no change)

Sr. Shareholding at the beginning Cumulative Shareholding

For each of Top 10 Shareholders Shareholding at the Cumulative Shareholding

(v) Shareholding of Directors and Key Managerial Personnel

1) Mr. Ashok V. Hiremath (Director)

3) Mr. Arijit Mukherjee (Director)

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

B. Remuneration to other directors: Nil

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: (CHARGE PENALTY )

For Behram Chemicals Private Limited

Basis for Opinion

E-mail ID: ___________ Signature: _ or failing him/her;

E-mail ID: ___________ Signature: _ or failing him/her;

E-mail ID: ___________ Signature: _

Signed this___ day of 2021